Building supply company Mitre 10 has announced another successful financial year, with group sales up 8.7% and distributions to members up 17.1% for the year to June 30, 2015.
Mitre 10 chairman Martin Dippie confirmed the New Zealand-owned and operated co-operative had maintained its lead position in a competitive retail market.
“The Mitre 10 co-operative has achieved yet another outstanding result, particularly with an impressive increase in distributions to members,” Mr Dippie says.
Network sales for the year to June 30, 2015 were $1,135 million, an increase of 8.7% on the previous year’s $1,043 million, and distributions to members were $67.2 million, up 17.1% from $57.3 million in 2015.
“This year’s sales figures are the highest in our company’s 41-year history,” Mr Dippie says. “Everyone involved in the Mitre 10 business is pleased to see the company performing so well and thriving in a highly competitive environment.” Mitre 10 chief executive Neil Cowie says the co-operative was continuing to go from strength to strength, led by the Mitre 10 MEGA network, and the FY15 result reflected the company’s customer focus.
“We’re particularly pleased with the ongoing growth of our Mitre 10 MEGA network,” Mr Cowie says. “Sales for Mitre 10 MEGA have increased 9.3% on the previous year. The MEGA network count now sits at 38, with our store at the new Westgate development being the most recent addition.
“This growth reflects our efforts over the past year to make the customer experience the best it can be, both in store as well as through our marketing and communications. We’re customer-obsessed, and we’re finding new ways to better meet our customers’ needs through our dedicated team and co-operative culture.
“This switch of consumers to online has been a huge change for us, as it’s not always a natural fit for building supplies and home improvement. We have a lot of products people wouldn’t traditionally buy online without seeing in store first, so we’re working hard to meet the challenge of adapting our model to meet the emerging needs of our customers.”
Mr Cowie says Mitre 10 had succeeded on every front for FY15.
“We’ve seen growth across all our product categories, particularly in core categories such as trade, garden and paint,” Mr Cowie says.
“We’ve achieved fantastic gains in being seen as a DIY retailer that offers quality in-store advice and inspiration.
“We remain committed to our communities. Over the past year we’ve continued to help out great Kiwi causes, such as supporting the takahe, the RSA and regional rescue helicopter services, and raising more than $80,800 for the Hone Tuware Trust.
“That’s on top of the literally hundreds of community projects supported by the members of our co-operative.
“We’re now looking forward to the busy spring and summer season ahead, with our popular outdoor furniture range hitting stores soon.”